SBUX (Post-Call): Percolating Sales, Earnings, and Loyalty Program Growth

By Ryan D. Lavender Published on April 27, 2021 at 4:51 PM

Earlier today, Starbucks reported fiscal Q2 (calendar Q1) adjusted EPS of $0.62, surpassing our $0.53 forecast and sell-side consensus (according to Consensus Metrix) of $0.53. Starbucks bumps up its fiscal 2021 target range for adjusted EPS to $2.90-$3.00 (from $2.70-$2.90). Sources of the fiscal Q2 EPS outperformance include: (1) better-than-expected Product and Distribution Costs/Total Net Revenues (29.9% actual vs. 31.2% estimated), (2) better-than-expected Store Operating Expenses/Company-Operated Store Revenues (49.9% actual vs. 51.8% forecasted), and (3) D&A/Total Net Revenues (4.6% actual vs. 4.9% projected).

SBUX: How Does Starbucks Trade Heading Into, and After, Earnings?

By Ryan D. Lavender Published on April 14, 2021 at 4:40 PM

Starbucks plans to release its fiscal Q2 (calendar Q1) 2021 earnings after the market close on Tuesday, April 27th. How do SBUX shares tend to trade heading into earnings, and the day after an earnings release?

SBUX: Updating Our Same-Store Sales and EPS Estimates

By Ryan D. Lavender Published on April 12, 2021 at 4:44 PM

Ahead of Starbucks’ fiscal Q2 earnings release planned for after the market close on Tuesday, April 27th, we raise our fiscal Q2E U.S. same-store sales forecast by +1 percentage point, to +9%. According to Consensus Metrix data, this places us as the “high forecast on the sell-side” in this regard. As of this writing, sell-side consensus for fiscal Q2E U.S. same-store sales is at +6.7%, although remember that Starbucks does not report its same-store sales out past the decimal point.